From 1 July, Watercare is officially running its own financial show, securing a record-breaking $3.4 billion in funding as it separates from Auckland Council.

It’s a move that sets the stage for major investment across the region, including on the Hibiscus Coast, where upgrades to water and wastewater infrastructure have long been on the radar.

Watercare’s chief executive Jamie Sinclair called it a “fantastic result” for Aucklanders.

The funding includes a $2.6 billion revolving credit facility and $800 million standby facility, underwritten by big players like BNZ, Westpac, and the Commonwealth Bank.

With interest costs now projected to be $21 million lower over the next two years, locals are unlikely to see steep price hikes as a result of the changes.

The split is part of the government’s Local Water Done Well reforms.

It means Watercare can now forge ahead with its $13.8 billion, 10-year infrastructure plan, covering over 1,000 projects including many that impact Coasties directly.

Mayor Wayne Brown says the move is a win-win.

“This will strengthen Council’s finances and give Watercare the independence to focus on delivering vital upgrades where they’re needed most,” he said.

The company has also agreed to repay its $4 billion debt to Auckland Council over the next five years.

For the Hibiscus Coast, it means more certainty around future upgrades, and less risk of costs falling unfairly on current residents.

Seen something local we should cover?

Let us know at [email protected]